Both the Dow and S&P struggled on Wednesday with IBM generating some tailwinds after a slew of Street upgrades.

However the Fast traders were much more focused on the darlings of the two year old bull market – chip stocks.Semiconductor investors ran for the exits after Texas Instruments told analysts on a conference call that it was hurt in February due to weaker-than-expected demand for chips used in personal computers.

Adding to investor worries, Fiber optics company Finisar shocked the Street with dismal earnings, blaming a surprise inventory build due to slowing demand in China. And earlier in the week, rival Ciena surprised investors with a weak second-quarter outlook.